US Crude Supply Boost Expected Post-Elections Amid Global Exploration Efforts
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Oil prices rose on Friday, with Brent crude futures increasing by 38 cents (0.53%) to $71.89 per barrel and U.S. West Texas Intermediate (WTI) futures climbing by 51 cents (0.75%) to settle at $68.18 per barrel. However, on a weekly basis, Brent saw a decline of approximately 3%, while WTI experienced a larger drop of around 5%.
Petroleum Price
- Oil prices rose on Friday, with Brent crude futures increasing by 38 cents (0.53%) to $71.89 per barrel and U.S. West Texas Intermediate (WTI) futures climbing by 51 cents (0.75%) to settle at $68.18 per barrel.
- However, on a weekly basis, Brent saw a decline of approximately 3%, while WTI experienced a larger drop of around 5%.
Petroleum Demand and Supply
- Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, mentioned that there is no shortage of crude oil availability globally.
- New sources of crude oil are emerging from countries such as Guyana, Suriname, and Brazil.
- However, the issue lies in whether this oil is accessible for market transactions. The US, the world’s largest crude oil producer, currently extracts 1.3 crore barrels of oil daily.
- Despite the global supply, Puri highlighted that India is still exploring cleaner fuel options, such as biofuels and green hydrogen, for future reliance.
Petroleum News
- Hardeep Singh Puri, speaking at the 14th foundation day of Pune International Centre, shared insights about US crude oil entering the market post-elections.
- Regardless of the outcome of the November elections, whether Republican candidate Donald Trump or Democratic candidate Kamala Harris wins, the US government is expected to put more crude oil into the global market.
- Puri predicted an influx of 10 lakh barrels after the elections. He also highlighted India’s efforts in increasing exploration activities across its vast sedimentary basins, with certain issues involving the Indian Navy and Coast Guard being resolved to facilitate these efforts.
Expert Opinion
- Post the US elections in November 2024, the global crude oil market is expected to see an increase in supply from the US, with an estimated 10 lakh barrels entering the market.
- This is anticipated to provide more relief to global oil prices, which are currently high due to various geopolitical factors. While crude oil supply remains stable globally, the availability of oil for market transactions is a concern.
- In addition, India’s increased focus on oil and gas exploration could attract global investments, enhancing its energy security and market participation.
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